Stanley Furniture drops on accounting error

AndriaCheng

NEW YORK (MarketWatch) -- Stanley Furniture Co.
stly
shares dropped 5.3% in premarket trading on Friday after the furniture maker said it identified an error related to accounting tied to its deferred compensation capital enhancement plan. Correcting the mistake would be "material" to the expected fiscal 2014 financial statements, the company said. It will reduce its net loss for fiscal 2014 and 2013 or increase net income for fiscal 2012. The company said its management and audit committee have determined there's a "material weakness" in internal controls over financial reporting currently tied to accounting for the plan.

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